Great Lakes Advisors LLC Decreases Stock Position in Annaly Capital Management Inc $NLY

Key Points

• Great Lakes Advisors cut its Annaly Capital Management position by 30.9% in the second quarter, selling 108,293 shares and retaining 242,612 shares valued at approximately $5.4 million.
• Despite the reduction, institutional investors own 51.56% of Annaly’s stock, with BlackRock, Vanguard and State Street among the largest holders. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.33.
• Annaly exceeded quarterly earnings expectations, reporting $0.79 in EPS versus the $0.75 consensus estimate, and increased its quarterly dividend to $0.75 per share, equivalent to a 12.6% annualized yield.

Great Lakes Advisors LLC cut its holdings in Annaly Capital Management Inc (NYSE:NLY - Free Report) by 30.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,612 shares of the real estate investment trust's stock after selling 108,293 shares during the quarter. Great Lakes Advisors LLC's holdings in Annaly Capital Management were worth $5,425,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. grew its holdings in shares of Annaly Capital Management by 6.7% in the second quarter. BlackRock Inc. now owns 87,219,586 shares of the real estate investment trust's stock worth $1,950,230,000 after acquiring an additional 5,485,296 shares during the period. Vanguard Group Inc. lifted its stake in shares of Annaly Capital Management by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 63,613,639 shares of the real estate investment trust's stock valued at $1,422,401,000 after buying an additional 3,024,564 shares in the last quarter. State Street Corp boosted its holdings in Annaly Capital Management by 8.4% in the 4th quarter. State Street Corp now owns 26,425,278 shares of the real estate investment trust's stock worth $608,994,000 after buying an additional 2,053,451 shares during the period. Geode Capital Management LLC raised its holdings in Annaly Capital Management by 8.9% during the fourth quarter. Geode Capital Management LLC now owns 18,401,487 shares of the real estate investment trust's stock valued at $411,031,000 after acquiring an additional 1,503,559 shares during the period. Finally, Norges Bank purchased a new position in shares of Annaly Capital Management in the fourth quarter valued at about $162,477,000. 51.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on NLY shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $25.00 target price on shares of Annaly Capital Management in a research report on Wednesday, June 3rd. Wells Fargo & Company dropped their target price on shares of Annaly Capital Management from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Thursday, July 23rd. JPMorgan Chase & Co. decreased their price target on shares of Annaly Capital Management from $26.00 to $24.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Annaly Capital Management in a report on Friday, July 10th. Finally, Wall Street Zen raised shares of Annaly Capital Management from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.33.

Annaly Capital Management Stock Performance

NLY stock opened at $23.73 on Thursday. The firm has a fifty day moving average price of $22.73 and a 200 day moving average price of $22.37. Annaly Capital Management Inc has a fifty-two week low of $20.00 and a fifty-two week high of $24.52. The firm has a market cap of $17.88 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 6.11 and a beta of 1.16.

Annaly Capital Management (NYSE:NLY - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The real estate investment trust reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.04. Annaly Capital Management had a net margin of 43.66% and a return on equity of 16.00%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $639.80 million. On average, equities analysts predict that Annaly Capital Management Inc will post 3.09 EPS for the current year.

Annaly Capital Management Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th were given a dividend of $0.75 per share. The ex-dividend date was Tuesday, June 30th. This represents a $3.00 annualized dividend and a dividend yield of 12.6%. This is a positive change from Annaly Capital Management's previous quarterly dividend of $0.70. Annaly Capital Management's dividend payout ratio is currently 75.19%.

Annaly Capital Management Profile

Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. The company's core business activities include the acquisition, financing, and management of a diversified portfolio of agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other real estate debt instruments. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management.

Founded in 1997 and headquartered in New York City, Annaly has grown to become one of the largest mortgage REITs in the United States.

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